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The People's Insurance Co. (Group) of China Ltd. plans to implement blockchain technology in its operations to reduce turnaround time in claims processing, prevent fraud and potentially reduce premium rates, Ledger Times reported. The insurer is also expected to use smart contracts with internet of things technology to provide quick compensation under parametric insurance policies. The insurer has partnered with Chinese tech firm VeChain and Norway-based consultancy firm DNV GL A.S. to implement blockchain technology.